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Real estate is a property business in which the transactions of money are conducted on a daily basis thus the chances of making fraud is higher. During the past few years, the growth of real estate business has been increased tremendously at the same the crime status has also increased with it. There are many people in the real estate business including lender, investor, etc who are making frauds by borrowing money to buy homes in good faith thus there is a need to be aware about these people. In the property business Mortgage fraud, Foreclosure fraud, Home equity fraud are some of the types of frauds which generally occurs, so there is a need to aware about them. Ignoring the frauds in the real estate business may cause you loss of money or property.
Mortgage fraud- Mortgage fraud is a criminal activity which deals with mortgage loans. It is a type of fraud which can take place on a regular basis in real estate business. This fraud has become more rampant during the period of economic uncertainty and a decline in the housing market. It is a fraud which refers to a number of actions, that are deliberately done to maliciously acquired loans or if already eligible in order to acquire higher one. Given below are some of the points which will surely assist in protecting from mortgage frauds they are avoiding paying upfront fees, avoiding relinquishing of title to the home, checking with the State?s Attorney General, avoiding paying the mortgage through a third party.
Foreclosure fraud- This fraud is generally operated by an individual who are responsible for paddling predatory loans during the time of boom. It is vital to keep an eye on the foreclosure fraud in order to avoid undergoing it which bring negative impact to the security and success of your future. Foreclosure fraud and a resulting home foreclosure may cause heavy damage to your credit report. The following are some points which assist you in protecting from these frauds they are, do not pay the mortgage payment to any company other than mortgage holder, do not sign any documents without an attorney review, if you are struggling to pay mortgage stay in touch with the mortgage holder. Thus, If you are possessing the right information and data you will be able to defend your property and protect your family.
Security Issue- Protecting personal information is extremely essential so that others cannot make the misuse of it. Remember that you have read all mails do not leave a mail in the mailbox and, also make sure that your mail should not be stolen or redirected. Using a strong password on all protected electronic accounts is the smartest way to secure your data from hackers or theft. Always check out that you have not thrown any document containing personal details. After reading the above information, you will find that the real estate fraud has been increased exceptionally rapidly in the past few years. Anyone can deal with this fraud thus having proper knowledge will surely assist you in protecting from suspicious and fake dealings.
Denis is a experienced real estate blogger and writes for Pallspera which is one of the best real estate company in Vermont.
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Source: http://www.realestatenarrative.com/real-estate-frauds/
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